India’s Piramal Enterprises Ltd said it would partner with Bain Capital to invest in distressed assets, becoming the latest entrant in the space as the nation’s banks are on a drive to clean up $120 billion of sour debt.

“Once finalized, the platform will invest capital directly into businesses and/or acquire debt of such businesses to drive sensible restructurings,” the two sides said in a joint statement late on Tuesday, adding that the sponsors believed there was an opportunity to invest more than $1 billion in this space over the next few years.

The diversified company, headed by billionaire Ajay Piramal, has previously talked about plans to set up a distressed assets fund with an investment of up to $1 billion.

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